AMCON recovers N600bn from bank debtors

THE Asset Management Corporation of Nigeria (AMCON), the agency set up to recover bad debts in the banking sector, has so far recovered N600 billion from bank debtors since last year.
Speaking to newsmen on the outcome of the Bankers’ Committee meeting in Lagos on Tuesday, the Managing Director, AMCON, Dr Mustapha Chike-Obi, noted that the corporation had embarked on aggressive debt collection, stating that most of the bank debtors were responding.
According to him, the corporation recovered N100 billion this year, stressing that they were optimistic that they would meet the target of recovering N1 trillion bad debts before the end of the year.
He disclosed that the sales process for the three nationalised banks, Mainstreet Bank, Enterprise Bank and Keystone Bank, would commence next month, stating that they would be sold within the next 18 months to preferred bidders, whether local or foreign investors.
Briefing newsmen at the end of the Bankers’ Committee meeting, the Group Managing Director, Access Bank, Aigboje Aig-Imoukhuede, said despite the teething challenges bedevilling the cashless Lagos policy, which commenced on January 1 this year, the Federal Government, banks, state governments and the Central Bank of Nigeria (CBN) and other interest parties were working assiduously towards its success.
He maintained that the invitation of the Minister of Communication Technology, Mrs Omobola Johnson, who made presentation at the meeting, underscored the importance the CBN and Bankers’ Committee attached to the overall success of the cashless policy.